UBI Research Q1 ’26 Market Tracker: Samsung 48% Revenue Share, LG Display 21%…China Expands Shipment Share

According to UBI Research’s Q1 2026 Market Tracker report, the 2025 OLED panel market maintained a clear leader: Samsung Display held the No. 1 position with a 38% share by shipments and a 48% share by revenue. BOE ranked second in shipments at around 14%, while LG Display ranked second in revenue, with its revenue share rising sharply from 14% in 2024 to 21% in 2025. The combined shipment share of Chinese panel makers expanded from roughly 47% in 2024 to above 50% in 2025, intensifying volume competition. However, while “volume expansion” accelerated, “value (revenue) leadership” remained clearly concentrated among the top players.

Samsung Display not only recorded the largest shipment share but also showed a revenue share that significantly exceeded its shipment share, reinforcing its value leadership through a premium product mix and strong pricing power. The fact that it maintained a wide revenue gap even as Chinese makers expanded structurally in shipments indicates that the 2025 OLED market was not merely a shipment-driven contest, but one in which value continued to be redistributed toward higher-end products.

LG Display’s rise in revenue share from 14% to 21% was driven by simultaneous shipment growth across key application segments in 2025. OLED panel shipments for smartwatches increased from 28.51 million units in 2024 to 38.76 million units in 2025; monitor panels grew from 0.28 million to 0.40 million units; and TV panels rose from 5.24 million to 6.35 million units. In other words, LG Display achieved meaningful volume growth in wearables (smartwatches) while also expanding shipments in monitors and TVs, creating a broader base for revenue contribution. In particular, smartwatches, monitors, and TVs tend to show wider ASP dispersion depending on specifications and lineup positioning, making shipment growth more likely to translate into revenue-share gains. As a result, LG Display moved up to No. 2 in revenue in 2025, strengthening its presence in the market regardless of its shipment ranking.

BOE maintained second place in shipments at 14%, underscoring its role as a key driver of China’s expanding OLED supply. However, with LG Display taking second place in revenue, the market’s profit structure continued to be shaped primarily by premium product segments and pricing competitiveness. While China’s influence has grown on a shipment basis, revenue remains concentrated among top-tier suppliers—highlighting a widening gap between “volume expansion” and “value capture.”

Changwook Han, Executive Vice President at UBI Research, commented, “The key variable going forward is how quickly Chinese panel makers can move beyond shipment growth to improve their high-value product mix and pricing competitiveness.” He added, “At the same time, a key point to watch will be how long Korean suppliers can sustain their revenue advantage by leveraging portfolio strength spanning premium smartphones, wearables, IT, and large-area OLED.”

Changwook Han, Executive Vice President/Analyst at UBI Research (cwhan@ubiresearch.com)

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